JetBlue Airways Corp JBLU shares are trading lower Wednesday morning after the company confirmed it made a $3.6 billion offer to acquire Spirit Airlines Inc SAVE.
JetBlue submitted a proposal to Spirit's board of directors to acquire Spirit for $33 per share in cash. The company said it firmly believes its proposal is a "superior proposal" to Spirit’s merger agreement with Frontier Group Holdings Inc ULCC.
JetBlue said the proposed combination would position the airline as the most compelling national low-fare challenger to the four large dominant U.S. carriers by accelerating its growth and expanding the reach of the "JetBlue Effect."
JetBlue operates as a low-cost airline that offers high-quality service, including assigned seating and in-flight entertainment.
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JBLU 52-Week Range: $11.37 - $21.96
The stock was down 4.55% at $13.02 at time of publication, according to data from Benzinga Pro.
Photo: courtesy of JetBlue.
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